FBR receives account holders’ data from banks
KARACHI: All the banks have provided all the information about their account holders to the Federal Board of Revenue (FBR), for which Chairman Syed Shabbar Zaidi has thanked the banks’ managements.
[the_ad id="32940"]The details of account holders are obtained for the purpose of identifying potential taxpayers and broadening the tax base.
The exercise started after a letter was received by the FBR from the Prime Minister’s Office. Prime Minister Imran Khan had expressed concerns over narrow taxation base, low tax-to-GDP ratio and systematic aberrations in the taxation system. He desired that concerted efforts should be carried out in order to increase the tax base.
In this regard, an Inland Revenue member issued directives to all the chief commissioners and Broadening of Tax Base director general for taking appropriate measures.
The officials were directed that the data of bank account holders above the threshold of Rs500,000 should be examined with the assistance of the SBP.